ING sneaks in for Samsung Capital mandate

Korea''s most frequent cross-border issuer will soon launch $200 million plus consumer loans securitization.

In a move that may surprise a few people in the ex-Japan Asian securitization market, Samsung Capital, the Korean consumer finance company, will soon launch its fifth international transaction. The surprise element stems from the fact that ING and not Merrill Lynch - which Samsung mandated for a $400 million unsecured consumer loans deal in August - will be in the role of lead manager.

Just before anyone gets the wrong idea, an official at Samsung confirmed to FinanceAsia that ING is not stepping into Merrill's shoes because the company is issuing two separate transactions. The deal we are doing with Merrill Lynch has been delayed, he says. That will be a public issue...

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